Development of Financial Learning Mobile Game Application for Young Adult Learners

Abstract

Financial literacy is among the most important skills people should have. With financial literacy, an individual can make sound financial decisions and have proper financial practice, which contributes to the economic growth of society. However, the perception that finance is difficult prevents people from taking full advantage of more complex financial products and services. Besides, conventional financial education is no longer effective in instilling the required financial knowledge and practical skills among young Gen-Zers. This research aims to study how to employ innovative financial learning to engage late teens and young adults to improve their financial education. The empirical survey was conducted to investigate the motivating factors for financial education combined with gamification theory, self-goal setting, and feedback giving for the financial game design to financial education engagement and effectiveness. The game prototype has been developed and implemented with the students aged between 16 and 19 years old who were assigned into an experimental group and a control group with 51 people in each group. The findings reveal statistical differences of financial knowledge test scores at a significant level of 0.5 between two groups. The innovative financial game can enhance the users' financial literacy and attitude, boost up the confidence in their financial management skills, have the capacity to absorb a financial shock, and lead their way of life. Besides, the study shows how the samples embrace the innovative financial game to ease finance learning, the encouragement of knowledge implementation, and further pursuit for financial knowledge.